Destin Florida, Sandestin Fl, 30A and PCB Condo Questions and Answers

​While Fannie Mae has streamlined the process by which condo developments can obtain approval, the reality is that very few projects are approved. To see if a condo you’ve got your eye on is eligible for Fannie Mae or Freddie Mac financing, you can find a list online. Don’t be surprised, however, if your state has just a handful (or even zero) of condos listed.

If you’re financing a condominium purchase, plan on a little longer processing time. Lenders have to assemble a lot of paperwork before submitting a package to approve projects for mortgages. It can add some days to your closing, and this should be considered when you’re deciding to lock in an interest rate.

What does the lender require from the HOA or Condominium manager?All Lenders will require the HOA to fill out their condo questionnaire, there are two types Full (Long form for max financing) or short form (limited review) limited review does require on average for the borrower to put more money as down payment.

1. Lender Condo Questionaire2. Copy of the Annual HOA Budget for the current year An acceptable Budget will include the following:• Line item expense for Reserve account, separate from the Operating account.• Line item expense for the insurance premium and deductible• The name of the HOA must be shown on the budget 3.Insurance Company Information: Copy of the Condominium Project’s Certificate of Insurance for Property and Liability; Fidelity Bond Coverage (Employee Dishonesty), if over 20 units, and Flood Insurance, if applicable. More lenders are requiring all pages of the policy for review. 4. Required Documentation for New Projects or New Conversions: Copy of HOA’s Declarations (CC&Rs) that have been signed, stamped and filed. Copy of all recorded addendums to the Declarations Copy of HOA by-laws and addendums

A full review is required for max finacing with Fannie Mae and Freddie Mac backed loans this means loan can have smaller down payment and can be a 30 year fixed for primary, second and investment propeties. The loan amount is limited to a max 417k (soon to be 424K) 5% down as a primary and 10% down for second homes. The guidelines of a full review are:

51 percent of units are owner occupied or second homes

No single entity owns more than 10 percent

Maximum commercial space is 20 percent

No construction defect litigation. All other litigation will need to be reviewed.

Budget–line item for reserve with at least 10 percent of assessments/income being collected

No more than 15 percent of association dues delinquent more than 30 days

Insurance coverage must be sufficient (hazard, flood, liability, fidelity and HO6 if required)

Review of condo docs to address:

a. Compliance with laws b. Limitations on ability to sell or first right of refusal c. Amendments to docs d. Rights of mortgagees and guarantors e. First mortgagees rights f. Unpaid dues g. Minimum square footage of unit is 400 square feet Limited and full project reviews have duration of 180 days.

A limited review is conducted by the lender – it’s just a questionnaire that’s completed by the property manager or head of the homeowner’s association. To be eligible for a limited review, you must put down at least 20 percent for a primary residence or 30 percent down for a second home. Has the same loan amount limits as above.

Limited review criteria are:

Commercial space can comprise no more than 25 percent of the square footage

At least 10 percent of association dues must be allocated to reserves

Fewer than 15 percent of units must be in arrears with their dues

More than half of the units must be owner-occupied

Insurance must meet GSE guidelines

There can be no lawsuits over safety, structural soundness, habitability or functional use

No single entity can own more than 10 percent of the units unless there are five to 20 units; in that case, a single entity can own two units

Minimum square footage per unit is 400 square feet

Condominium rentals are not advertised with daily rentals or other hotel type amenities.

If you have any questions please call my office 850-650-6985. We look forward to seeing you at the beach soon

Key changes to Full Review Condos.The pre-sale requirement for new projects has been decreased from 70% to 50%.The number of days for which 15% of unit owners may be past due on common expense assessments has been increased from 30 days to 60 days. The additional flexibilities include increasing the allowable commercial space allocation from 20% to 25% for condo projects, allowing a single entity to own up to 2 units in a project consisting of 5 to 20 units, specifying the situations under which up to 15% of non-incidental business income is allowed, and permitting live-work projects that allow unit owners to operate small home-based businesses from their residential dwelling.Additional requirements include prohibitions against projects that require mandatory fee-based memberships and projects that operate as continuing care facilities.Guidance was added concerning how to research and confirm whether a project is, in fact, functioning as a condohotel and clarifying the circumstances under which boat slips, cabanas, or similar non-real estate property are acceptable as project amenities.

Grand Dunes Condominiums Luxury Resort, Miramar Beach Florida

Grand Dunes offers a beautiful view of the clear emerald waters of the gulf and lush landscaping you will see as you stroll the grounds of the Grand Dunes community. Grand Dunes will be unmatched by any other property on the Emerald Coast. A few of the many features that make Grand Dunes standout from your typical “shotgun” condominium include: high-speed elevators opening directly into your own private foyer, secured underground parking, expansive great rooms.For the gourmet cook, open elegant kitchens with over sized granite islands created by award winning certified kitchen designer, Jere Bowden feature travertine floors, premium stainless steel appliances with gas cooking and “clear ice” icemakers. Master suites will include two large walk-in closets, whirlpool tub for two, double sink with makeup vanity, shower room for two with bench and dual shower heads, and a private water closet. Grand Dunes has the little things that make a big difference such as adding insulation above the sheetrock ceilings and around the waste pipes which provides for “ super quiet” interiors. The approach will be through its secured-gated entrance way leading to the stately Porte Cochere building entrance. Once inside, the exquisitely decorated Grand Lobby will overlook our majestic free form pools connected by a breathtaking waterfall with the Gulf of Mexico as a backdrop. Inside the lobby, guests will enjoy the informal bar and seating area, billiard room, pool-front exercise room outfitted with the latest equipment, owner’s conference room and two guest suites that will accommodate overflow guests on those special occasions.

Sandestin is a Resort for the whole family.

I know it feels a little cold outside right now, but spring is just a short time away. Remember Sandestin is a place for the whole family to enjoy year around. But every spring the phrase we hear often is I forgot how beautiful it was here or I love it here.This 2,400 acre resort called Sandestin offers many different forms real estate, from beautiful estate homes to studio condominiums. Sandestin is a member of Beaches of South Walton, and is the only resort situated on both the Bay and the Gulf of Mexico, as anybody who has been here before will proclaim as the whitest beach they have ever put their toes in, are as sugary as ever and emerald green water makes for a truly delightful beach walk.Come see all you can do here with your Family! BeachSideVillage of BaytowneBayside WestBayside East

Sandestin your personal piece of paradise on Florida's emerald coast.

Sandestin is located in Miramar Beach Florida, or as many like to say around here SoWal (Sandestin is considered one of the 16 beaches of South Walton). The majestic natural beauty here is one to enjoyed offering preservation and sophistication inside a world class master plan community. This is a 2,400 acre meticulously maintained gated community full name is Sandestin Golf and Beach Resort, but is a not just resort it is truly a lifestyle. I have often heard that that Disney World is the “happiest place” on earth. Then it would be easy to give the title of the “Friendliest Community” on earth to Sandestin. People here just seem happy and love being here. Our community sets on both the beach and the bay allowing for the enjoyment of both without ever getting into an automobile. By calling this wonderful and resort home (or home away from home) this will allow you to be experiencing, all that this extraordinary resort has to offer its residents. The community is a collection of 36 different neighborhoods, four fabulous golf courses, world class tennis and the only marina in Walton County. The resort is crafted by design for a safe family fun environment. Every day here can be an adventure. This story book like gated community is home to many of the best festivals on the emerald coast. If you and your family enjoy watching fireworks, they are almost a weekly occurrence. The kids will enjoy the cane poll fishing rodeo as well as the Village of Baytowne Wharf and all it has to offer. Not only is this a golf community we are also a golf cart community where the golf cart can be your mode of transportation. You can ride over to Grand Blvd to buy groceries, watch a movie, and eat at one of many fine restaurants or just to buy a cup of coffee at Starbucks. From your golf cart you could also check out the new updated market shops or just enjoy the weekly farmers market. There are no typical days in Sandestin, the days here are to be celebrated, enjoyed and they are full of life. The community was formed in four sections, the beachside, bayside west, bayside east and the village. The community also as a gated community inside a gated community, Burnt Pine has become the gold standard that the other master planned communities on the emerald coast measure themselves by.

One Beach Club Sandestin's Premier NON-RENTAL Condominiums

One Beach Club - Sandestin's Premier Non Rental Condos

Stunning views of the Gulf and Bay. Click here to see unitsOne Beach Club is a premier non-rental high-rise condominium on the beach side of Sandestin Golf & Beach Resort. Floor to ceiling windows and sliding doors provide wonderful views over the pool area and the Gulf.There are 102 units built in 2003. Some of these residential condos have views of both the gulf and the bay. There are 2,3,4 & 5 bedoom units from 1,900sq ft to over 5,000sq ft.

Private poolside cabanas, tennis courts, (on-site) first class fitness center, clubroom, media room, large pool, hot tub and beach club memberships are just some of what makes One Beach Club Drive Condominium the special place it truly is. One Beach Club Drive embodies all the Sandestin Resort has to offer.

Find your Destin Florida Home or Condo

Spring is near find your your new beach home or condo now.Destin is famous for its majestic emerald waters and powder sand beaches, perfect for the you in search of their little slice of saltwater heaven. Destin has a plethora of conveniences for both visitors and residents. With award winning golf courses, premier shopping and restaurants featuring every style of cuisine, owning a home in Destin guarantees a lifestyle worth living.

Daily Goal: "I want my everyday to make God belly laugh, glad that he gave life to someone who loves the gift.”

I am 100% dedicated to helping you find your dream home or sell your existing property. I will tailor my services to meet your individual needs and goals. My commitment to you is to provide the personalized real estate services you deserve. Anything less is a disservice!

“This is the beginning of a new day. God has given me this day to use as I will. I can waste it or use it for good. What I do today is very important because I am exchanging a day of my life for it. When tomorrow comes, this day will be gone forever, leaving something in its place I have traded for it. I want it to be gain, not loss — good, not evil. Success, not failure in order that I shall not forget the price I paid for it.” Bear Bryant ​